C&C Group to acquire Admiral Taverns

C&C produces cider in Ireland where it sells under the Bulmers brand and in the UK where it operates as Magners.
04/09/2017 - 08:26
Irish drinks company C&C Group plc is to purchase 47% of Admiral Taverns with the remainder of the shares being bought by property investment company Proprium Capital Partners.

C&C, which owns the Magners cider brand and Tennents lager, is taking its first steps into the UK pub market with the £37 million part purchase of the estate of 845 predominantly wet-led pubs.

Admiral has said that its chief executive Kevin Georgel will continue to lead the business.

Georgel said:” Recent years have seen Admiral Taverns go from strength to strength and I am delighted that with the support of our new investors we will have the platform in place to continue our development and execute our growth plans.

“Today, our nationwide estate of community pubs showcases the supported-tied model at its best.  Through our distinct and award winning operational approach, our dedicated and passionate team have worked hard to build strong and enduring relationships with our licensees.

“Our strategy remains unapologetically consistent and I look forward to working with the support of our new investors to continue to build on the significant progress the business has made over the last five years and take advantage of the opportunities within our markets, as and when they arise.”

C&C believes that the investment will deliver significant economic and route-to-market benefit to its GB businesses through the deal and a long term commitment from its partners to 'develop the business’.

Commenting on the investment, Stephen Glancey, C&C chief executive, said: “The local pub remains at the heart of many suburban and city communities often the hub of local activity and their economic and social contribution is immeasurable.

"C&C has a long and successful track record of supplying and providing financial support to local pubs within the independent free trade in Scotland and Ireland.

"Admiral management has a proven track record in balancing these returns with the needs of their tenants and consumers. Today’s new arrangements will enhance choice for both tenants and consumers and provide a platform for further growth at Admiral."

The transaction is subject to FCA approval with C&C expecting the deal to have been completed by the end of November 2017.

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